SHANGHAI, March 20, 2018 /PRNewswire/ -- ReneSola Ltd
("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL),
a leading solar project developer and operator, today announced
that it formed a strategic partnership with Green City Energy, a
subsidiary of Green City e.V., a Munich,
Germany-based project developer and financier focused on
building, financing and operating renewable energy power plants in
selected European markets, to jointly develop four solar parks in
the south of France with a total
installed capacity of 69 MW, generating approximately 105 million
kWh of solar power per year.
Now, it's a turning point for solar power production in southern
France. The resident photovoltaic
system operators can offer green electricity at competitive prices,
and thus the projects can be economically feasible without
government subsidies.
Jürgen Leinmüller, Managing Director of Green City Energy
France, commented, "We are
excited to collaborate with a strong business partner like Renesola
to leverage their expertise in developing solar projects at grid
parity around the world. Power generation from renewable
energy sources has gained traction in different parts of the world,
driven by continued decline in the costs of electricity generation.
More importantly, power generation from solar and wind is starting
to displace fossil fuel power generation without the need for
government funding at the price of the customers. With grid parity
in southern France, we expect
approximately 50 percent of the planned solar plants to go online
without feed-in tariffs. Green City Energy and ReneSola
intend to provide a combination of 50 percent solar systems with
government subsidies and the remaining 50 percent without
subsidies."
Josef Kastner, Managing Director
of ReneSola Engineering International GmbH, commented, "We already have a solid relationship
with Green City, as we have collaborated in a few rooftop solar
systems. The partnership we are forming today builds on a key
partner relationship in one of the growing geographic regions and
further capitalizes on our expertise while expanding the market
opportunity."
Under the terms of the partnership agreement, ReneSola and Green
City Energy AG have formed a joint holding company. ReneSola
owns 95 percent of the joint holding company during the development
period that is estimated to be approximately two years. Following
the project development phase, Green City Energy AG will take
control of the solar plants entirely.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand of
solar project developer and operator. Leveraging its global
presence and solid experience in the industry, ReneSola is well
positioned to develop green energy projects with attractive return
around the world. For more information, please visit
www.renesolapower.com.
About Green City Energy
Green City Energy AG designs and implements solar, wind, and
hydro power plants. The company offers project acquisition, project
development, project finance, construction planning and management
for renewable energy projects; and municipal energy consulting,
such as energy and environmental conversation concepts, potential
analysis, implementation strategies, and citizen partnership
models, as well as consulting, workshops, and mediation. It also
engages in ecological investments, such as pre-financing of energy
projects, emission of closed funds, emission of project, and
business jouissance rights. In addition, the company provides
operations management services, such as maintenance, repair, and
remote surveillance; company administration and accounting; and
investors communication. It implements large photovoltaic and
biogas facilities, and heating power houses, as well as wind energy
plants and hydropower plants. In addition, the company engages in
energy supply. Green City Energy AG was founded in 2005 and is
based in Munich, Germany. Green
City Energy AG operates as a subsidiary of Green City e.V.
Safe Harbor Statement
This press release contains statements that constitute
''forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Whenever you
read a statement that is not simply a statement of historical fact
(such as when the Company describes what it "believes," "plans,"
"expects" or "anticipates" will occur, what "will" or "could"
happen, and other similar statements), you must remember that the
Company's expectations may not be correct, even though it believes
that they are reasonable. Furthermore, the forward-looking
statements are mainly related to the Company's continuing
operations and you may not be able to compare such information with
the Company's past performance or results. The Company does
not guarantee that the forward-looking statements will happen as
described or that they will happen at all. Further information
regarding risks and uncertainties that could cause actual results
to differ materially from those in the forward-looking statements
is included in the Company's filings with the U.S. Securities and
Exchange Commission, including the Company's annual report on Form
20-F. The Company undertakes no obligation, beyond that required by
law, to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made, even
though the Company's situation may change in the future.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Mr. Johnny Pan
+86 (21) 6280-9180 x131
ir@renesolapower.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
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SOURCE ReneSola Ltd.